State treasurer looking at the economy

State Treasurer Andrew Sidamon-Eristoff said today he was concerned about the latest economic reports, but believed the proposed state budget cuts would still put the state on the best footing for a better economy.

“”Like anyone else who reads the papers, I’m concerned about Greece and southern Europe,” Sidamon-Eristoff said. “”I’m concerned about BP and the fallout from that. I don’t enjoy reading stories about potential double dip (recessions). …I’d like to see stronger jobs reports on a state and local basis.’’

Christie’s $29.3 billion budget does call for significant cuts. Cuts in state aid, due entirely to the loss of federal stimulus money, is expected to result in the layoffs of teachers across the state.

Meanwhile, the state budget calls for 1,300 state workers to lose their jobs in January.

But Sidamon-Eristoff said New Jersey, required to have a balanced budget by the state constitution, and voters have little appetite for state spending.

“”Polls show many Americans are concerned about the debt,” Sidamon-Eristoff said, and added. “”We can’t just print money. We have limitations.”

Sidamon-Eristoff said he disagreed with those economists who have called for continued, temporary higher government spending to ensure that the economic recovery.

“”I’m not sure we can spend our way out of this recession. I think we need to grow the fundamentals,” he said. “”Although we’ve been out of recession nationally for months now, we’re just not seeing jobs growth.’’

Sidamon-Eristoff made his comments during a break at a meeting of the state’s Council of Economic Advisors at Princeton University today. The subject du jour was Gov. Christie’s proposed property tax cap, and officials discussed various means whereby the state could rein in property taxes.

Christie urged the legislature to put his proposal for a constitutional amendment to cap property tax increases before the voters in November.

“”Let the people decide,” Christie declared. “”We stand at a moment of opportunity to fix (property taxes) once and for call.”